Schedule TDS1: Details of Tax Deducted at Source and Tax Collected at Source.

Schedule TDS2: TDS details of Income other than Salary (As per Form 16A, issued by Deductor(s))

Supplementary Schedules TDS1, TDS2 and IT

Modes to file ITR 2 Form

All the taxpayers earning an income more than Rs. 5lakhs shall mandatorily furnish their Income Tax Returns by online mode. After the submission of the return, the Income Tax Department provides an acknowledgment/response to the taxpayer in Form ITR V. Individual can also download it manually from the income tax website. You are required to sign it and send it to the Income Tax Department’s CPC office in Bangalore within 120 days of e-filing ore-verify the return.

Important changes made in ITR 2 (AY 2017-18)

1. Statement of value of assets and liabilities

Earlier in 2016, the taxpayers were required to declare the value of assets and liabilities if their total income exceeds Rs.50 lakhs and mention the cost of immovable property and assets, But Now taxpayers are also required to give the description of movable assets in new ITR Forms and disclose the address of the immovable property.

2. Income as a partner in a Firm or Association of Persons

F0r disclosure of Interest held in a Partnership firm or Association of persons as a partner or member new field has been introduced in ITR Forms. Such members/partners are also required to disclose the name, address, PAN of the Firm or AOP.

3. Aadhaar Number

It is mandatory for everyone to quote Aadhaar number in the return of income. If any person does not possess the Aadhaar Number but he had applied for the Aadhaar card then he can quote Enrollment ID of Aadhaar Application Form in the ITR.

4. Disclosure of unexplained income and Dividend Income

New fields inserted in Schedule ‘OS’ to declare unexplained credit or investment and dividend received from domestic companies above Rs 10 lakhs. Such persons cannot opt for ITR 1 (Sahaj).

5.Disclosure of Cash deposits during Demonetisation

This is introduced in all ITR Forms to report on cash deposited by taxpayers in their bank accounts during the demonetization period, i.e., from November 9, 2016, to December 30, 2016.

It is mandatory to fill this column if the taxpayer has deposited Rs 2 lakh or more during the demonetization period.

For any help onITR Filingfeel free to consult the tax experts at LegalRaasta. You can file ITR yourself via our ITR softwareor get CA’s help on filing income tax return. You can also use the option ofBusiness Return, Bulk Returnor Revised Return Filing.